Apple Buys Back $14 Billion in Shares

courtesy Apple Inc.

Apple Buys Back $14 Billion in Shares (CNBC)

In the last two weeks, Apple, Inc. (NASDAQ:AAPL) has bought back $14 billion worth of outstanding shares from investors. This buyback comes on the tail of disappointing first-quarter results, according to Apple CEO Tim Cook. Apparently, the company’s management was surprised by an 8 percent loss in share value following the report of first-quarter numbers. The company announced that lower-than-expected iPhone sales, lower Chinese demand and a tepid global market were to blame. With the addition of the $14 billion worth of stock repurchased in the last two weeks, Apple has bought back a total of $40 billion of its shares in the last 12 months. We’ll have to wait and see if reducing the supply of shares actually helps re-inflate share price. Stay tuned.

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Wayne Ellis

Wayne Ellis has been involved in the financial publishing industry for more than 15 years. During that time, he has helped to edit, to market and to launch products and services for Ernst & Young, LLC, Fidelity Investments, Agora, LLC, and Eagle Financial Publications. He currently puts his broad-based experience and industry expertise to use as a contributing writer for Eagle Financial Publications. He also is a graduate of Arizona State University.